OLSHAN LUXURY MARKET REPORT

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September 19-September 25, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
September 19-25, 2011: 10 Contracts Signed

Last week, 10 contracts were signed. From here, the market is expected to slow down the next two weeks due to the Jewish Holidays.

Four of the 7 apartments that sold were in a new full-service condo, at 250 West Street, by the developer Elad, known for the Plaza Hotel condominium. This building is a 1906 warehouse that is in the process of being converted into 111 apartments, with some units facing the water. It started selling units in July, and the developer is currently reporting 20 apartments under contract averaging $1,317/square foot.

The No.1 sale of the week was Apartment 9D at 300 Central Park West, asking $8,950,000. It is a corner 9-room unit in the El Dorado that is in excellent condition. The living room, dining room, and master bedroom face Central Park. There is a large chef's kitchen. The building has a state-of-the art fitness center and an indoor basketball court. The unit sold quickly, having gone on sale at the beginning of August.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 19-25, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

1

 

 

 

2

Condos

 

 

 

4

Avg. Price: $1,704/sq.ft.
Avg. Size : 2,505 sq..ft.

4

Condops *

 

1

 

 

Avg. Price: $2,447/sq.ft.
Avg. Size: 2,391 sq.ft.

1

Townhouses

1

 

 

2

Avg. Price: $1064/sq.ft.
Avg. Size: 5,585 sq.ft.

3

Totals

2

2

 

6

 

10


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $57,520,000
Average Asking Price: $5,752,000
Median Asking Price: $6,422,500
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 243

TO VIEW September 19-25: 7 CONTRACTS SIGNED ON APARTMENTS:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/11112599ba95c1.htm

To VIEW September 19-25: 3 CONTRACTS ON TOWNHOUSES:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/11112472a6d001.htm

Report Prepared by:

Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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